Like 1984, plans call for using existing structures. But will the games supercharge an already hot real estate market" In contemporary times, the Olympics have become a vehicle for investment, global attention, and urban regeneration. Though cities have promoted the Olympics as a chance for reinvention, the reality is often an Icarus-like tale of optimistic infrastructure investments gone wrong. Take, for example, Rio de Janeiro?s unused luxury housing, London?s failed public housing promises, or the deserted stadiums of Athens.
As Los Angeles prepares to host the games again in 2028, the success of the city?s widely hailed turn as host in 1984 looms large. The only profitable games in modern Olympic history, LA 1984 was a case study in public?private partnerships, corporate sponsorship, and municipal storytelling. Led by local businessman Peter Ueberroth, later named Time magazine?s Man of the Year for his work, the 1984 Summer Games ran a $232.5 million surplus, added $1.1 billion to the Los Angeles economy, and became ?the powerful engine pulling California to prosperity,? proclaimed then-mayor Tom Bradley.
It?s proof, say LA 2028 organizers, that the city can do it again: re-use the city?s wealth of existing and under-construction stadiums and athletic facilities, house athletes and the media at local universities, and host an Olympics that won?t require new publicly-funded infrastructure, and, most importantly, won?t have the negative impacts seen in other ...